Key Theories and Concepts in Entrepreneurship Assignment Sample

• Subject Name : Entrepreneuship

Portfolio

Entrepreneur project in this report is based on the empathy field research using an appropriate entrepreneurial process. The entrepreneur business was of making a children’s play room beside the main theatre in Adelaide Town Hall so that the parents of small children can enjoy the movie whilst their children are also are safely playing and enjoying themselves. This innovative business concept consists of various stages of the entrepreneurial process that are ideation, prototype and test. This reflective essay focuses on the journey as an entrepreneur in this project. It includes reflection and analysis of existing theories and concepts that are based on ‘entrepreneurial traits, skills and processes’ in light of the personal experience.

There are four main stages of an entrepreneurial process they are innovation that is the generation of a business idea, second is identification of a market opportunity, third is the information search and the fourth stage is development of the service and product (Malecki, 2018). As an entrepreneur, I focused on the innovative business concept so that a lot of customers can be attracted towards the additional service that will be provided by the theaters. The process of engagement with the real users that is the real human beings who come to watch a movie changed the direction that the prototype took (Vecco, 2020). This prototype model was built keeping the humans in mind and their needs of the children so that the prototype can be tested and then rework can be done on same. The empathy field work was carried out for the couples who comes to enjoy a movie but are forced to leave midway because of the children who make noise and do not allow their parents to have a leisure time. When I started approaching people with the unfinished work, I realized more about the nature of work and made some amendments as per the review of these people.

The rough prototype was accepted by many and their positive reviews helped me to work harder for this innovative business concept. This was an innovative business concept to increase the viewers that is to include the ones who have small children. This was a human- centered approach that was carried out collaboratively with the child care service provided by one of the renowned organization in Australia. as an entrepreneur that was a great experience because I learnt a lot about the child care services and the needs of children that makes them feel entertained and satisfied. The most interesting part of lean- start up process was when I finally started to work with my idea and collected the potential resources so that the whole idea could be well executed. A successful entrepreneur is the one who has good set of skills and attributes like who is open minded, creative, determined and is a self- starter. One should be confident and must have strong people skills to be a successful entrepreneur (Mohamed & Mustaffa, 2018). I definitely lacked some of these skills but my strength was my confidence, open mindedness and the strong people skills.

the feedback of people on rough prototype helped me in shaping my work and finishing it as per the needs of the customers. The idea of a sound- proof glass slide door was given by some people and this is one of the strongest value proposition that this play room for children offers to the parents. This entrepreneurial process is highly different from that of a traditional approach of entrepreneurs as this is based on an innovative idea and I wanted to meet the customer’s need along with carrying out empathy field research. The traditional entrepreneurial approaches mainly focus on the money- making and business ideas but this one relies on an innovative idea that will be preferred by the couples having small children (Wu, Chen & Pan, 2019). It gives the parents ‘me time’ and this leisure time is too costly to be missed by them. Thus, it is expected that they will avail this kind of service and a positive feedback from them will motivate me for bringing up such innovative ideas.

The first thing that assists an entrepreneur in leading is the strong purpose that expresses their vision. The failure of innovation may lead to risk of losing ground to rival companies thus an entrepreneur must know when to innovate (Hseih, Parker & van Praag, 2017). Resources plays a very important role especially when an entrepreneur is working using a collaborative approach like an entrepreneur must build on strength using an advantage of the talent pool. I cultivated this idea and used the already existing resources to build a new one. The major focus on achieving the purpose is on the customers thus I used the same customers who come to watch a movie but used empathy field research for the customers that helped me with the execution of innovative business concept. In order to this entrepreneurial project forward I would take a feedback from the parents and would build a mini theatre for the small children where they will be able to watch movies and this will be highly beneficial for the business. This will be done only after I will develop some of the lacking entrepreneurial skills in me and after learning about the feedback response from the customers (Pathak, 2019). The children will be safe and be entertained at the same time along with allowing parents to keep an eye on their children.

The conclusion drawn is that as an entrepreneurial process this was a great experience and everything worked smoothly. There were many learning experiences and the issues faced enhanced the learning as an entrepreneur. This approach of entrepreneurship was much better than the traditional approach and this also enabled the development of skills and attributes that helped in the overall process. The customer’s feedback on the innovative idea was well incorporated and this resulted in the development of better system for both the children and their parents.

References for Portfolio

Hsieh, C., Parker, S. C., & van Praag, C. M. (2017). Risk, balanced skills and entrepreneurship. Small Business Economics, 48(2), 287-302.

Malecki, E. J. (2018). Entrepreneurship and entrepreneurial ecosystems. Geography Compass, 12(3), e12359.

Mohamed, A. A., & Mustaffa, F. (2018). Problem Solving Skills Developments Through Entrepreneurship. The Journal of Social Sciences Research, 472-476.

Pathak, S. (2019). Recommendations for under-represented entrepreneurship. Journal of Enterprising Communities: People and Places in the Global Economy.

Vecco, M. (2020). Artpreneurs' lessons to traditional business. International Journal of Entrepreneurship and Small Business, 40(2), 154-170.

Wu, Y. J., Chen, S. C., & Pan, C. I. (2019). Entrepreneurship in the internet age: internet, entrepreneurs, and capital resources. International Journal on Semantic Web and Information Systems (IJSWIS), 15(4), 21-30.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Entrepreneurship Assignment Help